 | U.S. Contains Enough Oil and Gas Reserves to Fuel Country for Decades, Petroleum Institute SaysScotty Starnes | January 6, 2011 at 11:00 AM | Tags: American Petroleum Institute, API, Congress, domestic oil, economy, Jack Gerard, natural gas reserves, Obama Administration, President Obama | Categories: Uncategorized | URL: http://wp.me/pvnFC-412 |
We would have a lot more oil if the corrupt Obama administration didn't carry out their fraudulent deepwater drilling moratorium.
(CNSNews.com) – Jack Gerard, president and CEO of the American Petroleum Institute, said that if the Obama administration and Congress would allow the industry access to domestic oil and natural gas reserves, the United States would get the energy it needs, create hundreds of thousands of jobs, and the government would add more than $1.7 trillion to its coffers.
"The state of American energy must be strong in order for the American economy to thrive," said Gerard in a speech at the Newseum on Tuesday. "How then do we strengthen the state of American energy?"
"For starters, there are vast reserves of domestic resources that are currently off-limits to exploration and production: billions of barrels of oil and trillions of cubic feet of natural gas ... onshore and off," Gerard said. "And those estimates are most likely conservative given our past experience and new advanced technologies."
It is estimated that the United States has enough natural gas to fuel 100 percent of current domestic demand for at least 90 years. In addition, the United States produces about 2 billion barrels of crude oil per year, according to the API.
"Accessing these U.S. resources could improve our energy security by making us less reliant on others, generate an additional $1.7 trillion in government revenue over the life of the resources and create hundreds of thousands of new jobs," Gerard said.
In API's new report, "The State of American Energy," which was released at the event, details how U.S. government projections of oil and natural gas reserves could provide energy for America for many decades to come.
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